Need algebra help with Average cost- Marginal Cost

Nov 16th, 2015
Price: $15 USD

Question description

1.[Average cost- Marginal Cost Analysis]If the total cost of making x gallons of Exall is C(x) dollars whereC(x) = 100+3x+0.01x2.(a)Find the expression for the marginal cost of the xth gallon, which isC(x)−C(x−1).(b)Find the marginal cost of the tenth gallon. (c)Find the marginal cost of the fiftieth gallon. (d)Recall marginal cost is defined using the derivatives asMC(x) =dC(x)dx.Write the expression for the marginal cost in terms of the derivatives.(e)Find the marginal cost of the tenth and fiftieth gallon using the derivative of the total cost function.(f)Explain the difference in values you obtained using the two methods. (g)Find the average cost of producing x gallons of Exall denoted by AC(x). (h)Solve for the output x for which the marginal cost and the average cost are equal, i.e.,AC(x) = MC(x).Denote this output as x∗.(i)Verify by drawing graph of the cost function AC(x) that the average cost attains it’s minimum at x∗.

Tutor Answer

(Top Tutor) Daniel C.
School: UCLA

Studypool has helped 1,244,100 students

Review from our student for this Answer

Nov 16th, 2015
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1826 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors